Managing Debt

We want to help you get control of your debt. Get advice from our experts on strategies for paying down your debt without hurting your credit score, negotiating with lenders, and managing interactions with debt collectors. We also explain bankruptcy options, your rights as a borrower and what you can and cannot do with student loan debt. Also, get inspiration from other readers who have managed to go debt-free.

3 Things to Do When Your Credit Card Balances Get Out of Control

3 Things to Do When Your Credit Card Balances Get Out of Control

3 Things to Do When Your Credit Card Balances Get Out of Control

One of the key numbers in your financial life is your debt-to-credit ratio. It has a huge impact on your credit score, and on your budget. Basically, your debt-to-credit ratio is how much debt you carry versus how much credit you have available collectively and on individual revolving accounts, like a credit card. Like other... Read More

Debt After Death: 10 Things You Need to Know

Debt After Death: 10 Things You Need to Know

Debt After Death: 10 Things You Need to Know

Coping with the death of a loved one is difficult enough without the added pressure of creditors calling you to collect on the deceased person’s credit card debt. But can a bank collect a credit card debt owed by your deceased parent or spouse? The answer depends on a range of factors, from whether it... Read More

What’s the Difference Between Secured Debt & Unsecured Debt?

What’s the Difference Between Secured Debt & Unsecured Debt?

What’s the Difference Between Secured Debt & Unsecured Debt?

There are two types of debt: Secured, where a debt is tied to real property or accounts, and unsecured, which is debt that is not tied to any account. Secured Debt The most common forms of secured debt are auto loans and mortgages. What this means is, if a borrower defaults on their mortgage, the bank can foreclose... Read More

How to Avoid Filing for Bankruptcy

How to Avoid Filing for Bankruptcy

How to Avoid Filing for Bankruptcy

We can all hope that we never reach the point of contemplating bankruptcy. Filing for bankruptcy is a huge decision that can financially hurt you for several years. Depending on your financial situation, bankruptcy doesn’t always have to be your only option. Here are some tips to help you avoid using the “B” word. 1.... Read More

6 Big Mistakes People Make When Settling Debt

6 Big Mistakes People Make When Settling Debt

6 Big Mistakes People Make When Settling Debt

If you can’t pay back a debt you may be able to settle it for less than what is owed. The goal in doing so is pretty straight forward — you want to get the creditor to accept a lower payment amount than the current balance on the loan or account. However, getting there can... Read More

Can Debts Just Magically Disappear From Your Credit Report?

Can Debts Just Magically Disappear From Your Credit Report?

Can Debts Just Magically Disappear From Your Credit Report?

Sometimes when you check your credit report, there can be some unpleasant surprises waiting for you — a bill you never knew about or an account that’s not yours. But other times, you may find a debt that you’ve known has been hurting your credit for a while has just magically disappeared. Perhaps it’s a... Read More

Can I Use One Loan to Pay Off Another?

Can I Use One Loan to Pay Off Another?

Can I Use One Loan to Pay Off Another?

Many of us have been there. Just when debt payments seem to storm down on you in an insurmountable way, you receive an offer for a lower interest loan or credit card. Sometimes the offer comes with 0% interest for a certain period of time. Sometimes, the line of credit extended is enormous. At least... Read More

How We’re Cutting Back Now to Have More Later

How We’re Cutting Back Now to Have More Later

How We’re Cutting Back Now to Have More Later

Despite having 13 years of combined experience in financial services when we first started dating, we had a combined total of $51,000 in credit card debt. The old saying, “the cobbler’s kids have no shoes,” could apply, except that was part of the problem. We had lots of really nice shoes. After we paid off... Read More

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